Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 27
Registered: ‎06-07-2011
0

In full fledged garden mode! One question though!

Hey Everyone,

 

So now having received my Chase Freedom card, I have decided to hang out in the garden for the next 6 months to a year to really grow this wonderful card.  Now my question is based on the three active credit cards I have.  Right now, I am in posession of  a HSBC Best Buy store card - $2400 CL (small balance on it $50), Crap1 Platinum $500 ($0 Balance), and Chase Freedom $2000 (already $200 balance on it - to be paid this week).  While the BB and Chase card have no annual fee, the Crap1 does, along with the lower limit.  I have only had this card for 2 months now, and am debating whether I am better off closing the Cap1, or holding onto it for the the remainder of the year and cancelling before the annual feel pops up.  The new cards (Crap1 and Chase) haven't been reported yet, so I am trying to decide what is the best thing to do.  Furthermore, I have also been rejected for Citi and Amex and Discover (when I went on my app frenzy of last month to increase tradelines).  Any recommendation would be great on where to go from here!

 

-B

FICO EQ: 727, FICO TR:685, FAKO EX: ???

Whats in My Wallet: AMEX Gold | Chase Freedom | Capital One Platinum | Best Buy CC | Walmart CC
Valued Contributor
Posts: 1,291
Registered: ‎05-13-2010
0

Re: In full fledged garden mode! One question though!


bbloomen wrote:

Hey Everyone,

 

So now having received my Chase Freedom card, I have decided to hang out in the garden for the next 6 months to a year to really grow this wonderful card.  Now my question is based on the three active credit cards I have.  Right now, I am in posession of  a HSBC Best Buy store card - $2400 CL (small balance on it $50), Crap1 Platinum $500 ($0 Balance), and Chase Freedom $2000 (already $200 balance on it - to be paid this week).  While the BB and Chase card have no annual fee, the Crap1 does, along with the lower limit.  I have only had this card for 2 months now, and am debating whether I am better off closing the Cap1, or holding onto it for the the remainder of the year and cancelling before the annual feel pops up.  The new cards (Crap1 and Chase) haven't been reported yet, so I am trying to decide what is the best thing to do.  Furthermore, I have also been rejected for Citi and Amex and Discover (when I went on my app frenzy of last month to increase tradelines).  Any recommendation would be great on where to go from here!

 

-B


I personally would cut Crap1 loose before it starts, but most will disagree with me.  I don't believe in hanging on to subprime cards longer than needed.  Let HSBC/BBY and Chase grow, then go for Amex or Discover in about a year.

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $21.5k/11.99%
Valued Contributor
Posts: 1,051
Registered: ‎05-20-2010
0

Re: In full fledged garden mode! One question though!

Cap One is not all that bad. Sure, it has a low limit and AF, but its a TL that helps you re-build. Of course it does not look as pretty as it used to and certainly not now since you have a Chase Freedom. My vote would be to keep the Cap One card for a year at least before you close it. AF has been paid for, keep it around and let it build your credit history. Also, if you forget to close it before the AF hits, Cap One will refund you the AF if you cancel within 5 days of it being charged to your card. I recently closed my Cap One secured card a day after the AF was charged. Didnt have to ask them, the CSR I spoke to mentioned that when she had to go through all the details when I told her to close my card.
TU: 603 – EQ: 569 – EX: N/A – May 2010

Highlighted
Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: In full fledged garden mode! One question though!

+1

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.